Abu Dhabi hits record high as major Gulf bourses rise; Saudi falters

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Abu Dhabi hits record high as major Gulf bourses rise; Saudi falters

On Sunday, a basket of Gulf bourses had winded up the session in an upbeat note with Abu Dhabi’s benchmark index hitting a record peak, mostly boosted up by the gains of lenders, however, Saudi’s main index retreated from a fresh 15-year high after the Kingdom’s Crown Prince Mohammed bin Salman had told over the weekend that the country’s fossil-fuel dependent economy would turn carbon-neutral by 2060 and downsize its current rate of emission by 30 per cent by 2030.

In factuality, apart from a number of key regional fundamentals, a soaring crude oil futures’ prices which had been riding on the back of squeezed supplies, had added to further optimism on Mideast traders.

Abu Dhabi leads major Gulf bourses higher

Citing statistics, in the day’s Mideast market wind-down, Saudi’s main index tumbled 0.8 per cent following a weaker-than-anticipated profit growth in Al Rajhi bank which had tottered as much as 3 per cent, weighing on Saudi’s benchmark index.

Nevertheless, Abu Dhabi’s main index had been propelled 0.9 per cent higher to a record closing peak, as the head of UAE Banks Federation Abdul Aziz Al Ghurair was quoted saying in a Al Arabia Television report that the United Arab Emirates would continue to reap the benefits of Dubai Expo 2020 for more than nine years, while Dubai’s benchmark index added 0.8 per cent following a 8.7 per cent leapfrog in logistic firm Aramex.

Outside the Gulf, Egypt’s blue-chip index advanced 0.5 per cent after release of a Government data that the country would harvest a GDP growth of 5.1 per cent in fiscal 2021-22, while Egyptian economy would more likely to witness a 5.5 per cent advancement in each of following two years as tourism would continue to regain momentum.

Elsewhere in the Gulf, Qatari bourse edged 0.4 per cent lower with petrochemical manufacturer Industries Qatar having been plunged 2.4 per cent and Bahrain soared 0.7 per cent, while Oman and Kuwait progressed 0.2 per cent and 0.3 per cent respectively.